Indian generics major Cipla has unveiled plans to invest £100 million in the UK as it looks to expand its global footprint.

The deal was announced by Chancellor of the Exchequer George Osborne (pictured) who is on a trade mission to India, stating that the investment will fund the launch of a range of drugs in the areas of respiratory, oncology and antiretroviral medicines. He added that the cash will also be used on R&D, clinical trials “and further expansion internationally and in the UK”.

Mr Osborne went on to say the Mumbai-headquartered company is “one of India's leading pharmaceutical firms and this decision shows the UK's international strength and attractiveness in this sector as well as its growing importance in Cipla’s long-term strategy”.

Rajesh Garg, Cipla’s chief financial officer, made reference to the fact that the deal was announced on the 66th anniversary of the establishment of the National Health Service and his company believes that “by providing high-quality affordable medicines for patients, it can contribute cost-effective solutions for the NHS”.

He added that “we were impressed with the pro-active support and engagement that the UK Government and its various ministries showed in attracting Cipla to choose the UK as a key hub in our global footprint”.